Chainlink (LINK) is currently priced at $12.23, experiencing a 24-hour decline of 2.57%. The daily trading range has been relatively tight, oscillating between a high of $12.62 and a low of $12.16, indicating a lack of strong momentum in the market.

The volume stands at approximately 350 million LINK, representing 4.05% of the market capitalization, which suggests moderate trading activity but not enough to instigate significant price movements. Moving averages indicate a bearish trend, with the 8, 13, 21, and 55-period SMAs all showing negative changes, particularly the 144 SMA at $12.97, which is down 5.73% and signals longer-term weakness.

The hourly RSI is critically low at 20, indicating potential oversold conditions that could lead to a short-term rebound. However, the 7-day RSI at 40 reflects continued bearish sentiment, with LINK having lost approximately 10.08% over the past week, reinforcing concerns about a sustained downtrend.

Despite a relatively stable price action recently, the longer-term indicators show negative price changes over 7 days (-10.08%), 14 days (-7.30%), and 30 days (-1.01%). The all-time high of $52.70 from May 2021 remains significantly distant, further emphasizing the current price weakness.

Given the ongoing bearish trend across multiple timeframes and the low RSI levels, a cautious approach is warranted. Therefore, the recommendation is to Hold LINK, allowing for potential short-term recovery while closely monitoring market conditions for a possible upward reversal.